LAVAL, Quebec— Neptune Technologies & Bioressources Inc. (NASDAQ: NEPT; TSX.V: NTB) announced it is not proceeding with the private placement it announced in early May. According to the company, current market conditions and Neptune’s stock performance forced the company to reconsider its decision to raise money through a brokered private placement with Paradigm Capital Inc.
André Godin, vice president, administration and finance, stated, “We have sufficient liquidity on hand, close to $3M, along with sustainable positive nutraceutical operational results, to conduct our strategic business plan in both nutraceutical and pharmaceutical segments. Moreover, business partnerships should translate into additional support for further strategic development projects. Business progressed well during the first quarter ended May 31, 2010 and we believe revenues should again exceed $4M for a second quarter in a row.”
